The Mobile Home Problem

[Doug Laroche]

I NEED ADVICE! 

It turns out that if a property has a house and a mobile home on the same lot, banks will not finance it (at least the ones I've talked to)

So here is the plan, I get a hard money loan for the property, then after purchase I get the zoning changed so the mobile home is on its own lot. This should make it so I can refinance into a conventional loan. the problem is I don't know much about zoning, and I don't know how refinancing two separate properties would work! Also would 70% of the home values get me out of the hard money loan all the way? 

What do y'all think?

[Michael Plante]

Originally posted by @Account Closed:

Originally posted by @Doug Laroche:

I NEED ADVICE! 

It turns out that if a property has a house and a mobile home on the same lot, banks will not finance it (at least the ones I've talked to)

So here is the plan, I get a hard money loan for the property, then after purchase I get the zoning changed so the mobile home is on its own lot. This should make it so I can refinance into a conventional loan. the problem is I don't know much about zoning, and I don't know how refinancing two separate properties would work! Also would 70% of the home values get me out of the hard money loan all the way? 

What do y'all think?

There's a piece of the pie that is missing. I haven't invested in Mass. so I'm only referencing what I've experienced. If the house is livable and passing inspection, a bank will lend on the house based on the appraisal amount regardless of the mobile.  If the mobile is trashed or otherwise not livable, they may demand the mobile be cleaned up. 

If the mobile is 1992 or newer, has skirting around it, has the axels removed and is on a concrete or block base, it may qualify for "elimination of title" and be able to borrowed against on it's own.

But, I 've never heard of a problem caused by there being a house (in good condition) and a mobile (in good condition) in getting financing. Something is missing here.

 Would you please list what lenders you received  loans from for mobile rentals on their own land?

I have always been told no